What other arrears have you had over the period?
What size is the mortgage?
Why is this a concessionary arrangements?
Has the interest only period come to an end and you are nowrolling over?
We need the full background history please
I shall reply to your request tomorrow,as I am out of home today, sorry. i believe that we may have had approx 2k arrears on the original bank loan since 2009, but I believe all they want clarified now is how much we can afford to pay, HOW we will pay it reasonably, & being able to satisfy their request for a shorter repayment time. I believe they may accept the original £400 pm, unsure for how long at the mo. I understand there is Interest applied & it is now not being considered as a loan, as I originally explained. Ithas been passed to Debt Recoveries. LTSB say it is a concessionary arrangement. Why, I do not know!! PLEASE EXPLAIN WHY THEY NOW THINK THEY MAY BE ABLE TO DEMAND THE SALE OF OUR PROPERTY, ESAPECIALLY WHEN WE ARE MAKING OUR MORTGAGE REPAYMENTS SATISFACTORILY & LTSB ARE 2ND IN LINE FOR ANY MONIES.
Mortgage is £202,000 which of course we shall now no longer be able to repay, so we are well aware that we are residing at our property until "pay day" is due, when we shall sell & repay lender & should be able to pay residue of debt to bank (as long as Interest Rates do not rise with any large amount in the forseeable future)
I believe there are now many people in this sort of situation.
Thankyou in anticipation of some advice !
The problem that you face is that once you are in arrears you are in breachof your mortgage conditions and the whole loan becomes immediately repayable.
If they pass it to solicitors, legal costs will start to accrue eventhough, with only £2000 of arrears, there is little chance that they would getrepossession. Nonetheless, the legal costs will be substantial
If you want to keep this out of court you need to pay the arrearscompletely up-to-date and make sure that all future payments are paid on time.
If you do that, and they still blindly take you to court you can defend iton the basis that they have no grounds to repossess the property and you canask the court to order that the lender gets no legal costs and is not allowedto add any legal costs on to your bill/mortgage account.
I am a bit concerned as to why you say that LTSB are second in line for anymoney because they should be first in line and should have a first charge. Dothey not have a first charge?
Can I help further?
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You seem to have completely misread our info. We have a mortgage with another company - payments are up to date & all ok, as I told you.
LTSB was a secured business loan, against the house, therefore 2nd charge, not 1st
if you cannot understand what I have said, just say so!
We are NOT in arrears with mortgage
You said "only in arrears to TSB to the sum of £340 (one payment) ? "
Then you said
I cannot answer with inaccurate facts.
Opting out for another expert
At least you have given me an answer that seems to be based on the facts I have presented. many thanks for this, I shall check back with you later if that is ok. I have , in the meantime, been able to secure myself a management opp. with Tesco, that should make our bargaining opp more sound.
My main ? as you have understood, is that I needed to know if the Bank (2nd charge) could actually force us to sell so they might get monies, even though the mortgage with another company is fine & up to date.
Many thanks for clarifying that the bank can, in fact, force us to sell (although they probably will not get their money, as you say)
We shall now proceed again with discussions concerning increased payments.
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